by Kate Piercy In the chart below, Mercatus Center Research Fellow Matt Mitchell compares the actual decline in states’ spending from 2009 to 2010 (in blue) and the sustained cuts in state and local spending necessary to close the gap between spending and revenues over the next 50 years, known as the 50-year fiscal gap (in...
by Kristina Rasmussen A report from the nonpartisan Tax Foundation found that the sunset of the Bush tax cuts at the end of 2010 would cost the average middle-income Illinois family earning $68,958 some $1,640 in higher taxes in 2011. Check out our handy table to see how much your family could pay in higher federal and/or state...
by Kristina Rasmussen A round up of local Illinois measures on the ballot this November 2 by Ballotpedia.org shows that local governments across the state are trying to hike taxes and borrow more money. Some examples, with individual summaries from Ballotpedia.org: Sangamon County sales tax hike. The tax would add one percent to the current sales tax rate in...
by Amanda Griffin-Johnson Desmond Lachman of the American Enterprise Institute (AEI) had an interesting article recently in AEI’s journal, The American. The article, titled “The Emerging Markets’ Century,” details how emerging economies may have a growing impact in the global market because of their comparatively strong public finances when compared to industrialized counties. He explains, “Whereas public debt levels in...
by Kate Piercy DuPage County Board Chairman Bob Schillerstrom has unveiled a $70 million capital plan with bond projects ranging from improvements to roads and campus grounds, creating bike trails and planting trees. The 30-year plan will cost taxpayers nearly $125 million. Although the projects may sound nice, is this fiscally responsible or fair to...
by Kristina Rasmussen Not one to stop good money from going after bad, President Obama announced plans for a new stimulus spending spree, this time to the tune of $50 billion for roads, rail boondoggles, and the like. I don’t think the American people will buy into it. Over the past year, chances are you’ve driven by more than...
by Kristina Rasmussen With the state billions of dollars in the hole, Illinois’s network of state parks is facing budget cuts: The Wildlife Prairie Park subsidy is being wiped out as part of a $2.4 million reduction in lump sums at the Department of Natural Resources. DNR will also reduce vacant positions and defer “non-critical” maintenance at...
by Ashley Muchow One week of cost cutting suggestions down, another to go. Daley has provided further information on how, and what, he plans to do to narrow the city’s $655 million budget deficit. Daley proposed today the city of Chicago cut costs by consolidating a handful of city departments. The Department of Cultural Affairs and the Mayor’s Office...
by Kristina Rasmussen The group Americans for Tax Reform takes Governor Pat Quinn to task for his constantly-shifting tax hike plans: Today Grover Norquist, President of Americans for Tax Reform, called on Gov. Pat Quinn to be up front and honest about the true size of the income tax hike he has planned for Illinois families and job...
by Kate Piercy The Mercatus Center’s Research Fellow Matt Mitchell used data from the Bureau of Economic Analysis to analyze the evolution of state, local, and private spending since 1950. Mitchell created a chart showing the spending level for each year from 1950 to 2009 and compares spending by state and local governments to spending in...
by Kristina Rasmussen State government is trying to save money by taking a closer look at the building leases that house agency offices. From the State-Journal Register: The cash-strapped state government has been terminating leases all across Illinois and renegotiating others with the goal of saving money. The Department of Central Management Services says it has cut...
by Heather Wilhelm It sure is getting expensive to be broke these days, and Illinois is learning the hard way, according to the Civic Federation’s latest study. The Chicago Sun-Times reports: The state’s miserable bond rating has driven up borrowing costs for state government by more than $500 million since last year, a government watchdog...
by Brian Costin A recent Chicago Reader article highlights confusion among Chicago’s restaurants in regards to the recent Cook County sales tax reduction, and a myriad of different taxing districts within the city. Every retail establishment in Chicago must collect and turn over to the Illinois Department of Revenue a 9.75 percent “retailers’ occupation tax”—or sales tax. This...
by Kristina Rasmussen From Crain’s: Illinois Teachers’ Retirement System, Springfield, plans to sell $3 billion in investments, or about 10% of its $33.1 billion in assets, in the current fiscal year to pay pension benefits, according to Dave Urbanek, public information officer. The system is the fifth Illinois statewide defined benefit plan to sell off investments this...